Tariffs on China Reduced by 10 Percent
Following the meeting, Trump declared tariffs against China to be reduced by 10 percent. He explained that the move was in response to China's efforts at regulating the supply of raw materials to produce fentanyl. Previously, 20 percent in tariffs was levied on China for fentanyl-related materials. With this cut, overall tariffs on Chinese imports decline from 57 percent to 47 percent. Trump further announced that China has also agreed to restart the immediate purchases of American soybean products.
Agreement on Rare Earth Minerals
Trump said that both countries reached an agreement on rare earth minerals. China, in this agreement, will sell such minerals to the US for one year without any limitation. This is a resolution of the earlier standoff when Trump had threatened to impose possible 100 percent tariffs on Chinese rare mineral imports. The new agreement is seen as relief for Beijing and a step in a good direction for a broader trade deal.
Trump Applauds Xi Jinping
Trump praised Xi Jinping, calling him a "great leader." Trump humorously rated him 12 out of 10 as a leader. Trump also stated that China is willing to cooperate with the U.S. in issues related to the Russia–Ukraine conflict. Trump also made announcements regarding his upcoming visit to China in April next year and Xi Jinping's reciprocal visit to the United States.
Why the Meeting Was Held in an Airport
The location of the meeting—Busan International Airport in South Korea—surely caught many by surprise. Authorities attributed this unusual location to tight scheduling. Trump's departure from South Korea had initially been timed for Wednesday, but his meeting with Xi was moved to the morning of Thursday. Because of the tight schedules of both leaders, the two leaders met at the airport before Trump's departure.
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